Reporter and Editor Why the Fed 'blew it': Druckenmiller Thursday, 19 Sep 2013 | 7:04 AM ET CNBC's Steve Liesman reports there were three reasons the Fed decided to delay tapering its bond-buying program. And Stanley Druckenmiller, Duquesne Capital Management former chairman, and Jimmy Dunne, Sandler O'Neill, weigh in on how the Fed's policy will likely impact the market. "The big money was betting that they were going to taper," Druckenmiller said, and the Fed missed a "freebie," he added.

Druckenmiller, whose net worth is estimated at more than $2 billion, said that the implication of the Fed's policy is that the rich will spend their wealth and create jobsâ€”essentially betting on "trickle-down economics."

"I mean, maybe this trickle-down monetary policy that gives money to billionaires and hopefully we go spend it is going to work," he said. "But it hasn't worked for five years."

I think they don't understand the fundamental truth. Investors hate spending money because they think in terms of opportunity costs. New money such as professional sports players like to spend to flaunt their wealth while a rich investor is not into conspicuous consumption relative to their financial means. That's why it "hasn't worked for 5 years."

I would rather have unemployeed people in the position to contribute to something like rebuilding bridges or infrastructure, or perhaps building high
speed rails or roads the recharge electric vehicles, or perhaps building something for space travel or just innovation in the physical sciences in general than sitting around collecting welfare while the rich just use the cheap
money to make investments and make more money, instead of using the money to build companies and hire people.

So would I. But that would require giving up our State Religion: Reaganism